Shares of Godrej Properties Ltd were trading in the green and 1% higher on 2 January after the company acquired four acres of land in Bengaluru.

In its regulatory filing, the company said that they had acquired around 4 acres of land parcel on an outright basis in Bengaluru, near Yeshwanthpur next to the National Highway – 75, which is one of the prime locations in Bengaluru.

The project is estimated to have a developable potential of around 0.7 million square feet of saleable area that comprised primarily premium residential apartments of various configurations that will have an estimated revenue potential of Rs 1,000 crore along with a scope to increase to Rs 1,250 crore.

The area offers well-developed commercial and social infrastructure and is close to Goraguntepalya and Peenya metro stations, which provides easy access to the Central Business District and other parts of the city. The location also provides easy connectivity to key areas of Bengaluru through Outer Ring Road – Hebbal and the Kempegowda International Airport, Bengaluru.

Gaurav Pandey, MD & CEO of Godrej Properties, said, “Yeshwanthpur is an important micro market for us, and we are happy to add this land parcel to our portfolio. This will further strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities.”

At 3:30 pm, the shares of Godrej Properties closed 0.78% higher at Rs 2,017.75 on NSE.